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John Patrick Miller Joins Cowen Research s Washington Research Group to Cover ESG and Sustainability Policy
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John Patrick Miller Joins Cowen Research s Washington
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CFTC Examining Texas Energy Markets for Violations After Deep Freeze, Surge in Natural Gas Prices
U.S. regulators are scrutinizing derivatives markets after severe winter weather paralyzed Texas’ energy grid last week and sent natural gas cash prices soaring, the acting chairman of the Commodity Futures Trading Commission (CFTC) said.
The head of the CFTC said the regulator is monitoring Texas energy markets for any “irregularities” in the next-day and futures markets after an extraordinary deep freeze left millions of Texans without power, exposed vulnerabilities in the state’s energy system and resulted in “the tragic loss of life.”
“We remain prepared to do whatever is necessary to protect the integrity of our markets,” Acting Chairman Rostin Behnam told the CFTC’s Market Risk Advisory Committee Tuesday.
FERC Examining Possible Natural Gas, Power Market Manipulation Amid Texas Freeze
FERC said Monday it is looking into whether participants in the Texas wholesale natural gas and electricity markets engaged in market manipulation or other violations during the cold snap that upended energy markets last week.
If any potential wrongdoing can be addressed under the Federal Energy Regulatory Commission’s statutory authority, commissioners “will pursue those matters as nonpublic investigations,” it said.
The frigid temperatures caused extended power outages that affected more than four million customers in Texas as electricity demand peaked at levels normally seen only in summer.
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Scarcity of natural gas amid surging demand and plunging production because of wellhead freeze-offs across the South Central region knocked offline up to 31 GW of gas-fired generation capacity in Texas during the cold spell, according to the International Energy Agency. Nuclear, coal and renewable gene